Bharatpe backs UPI MDR charges, says Ashneer Grover's criticism not company's view: ‘No ties with him since 2024’

Bharatpe, India's largest fintech firm, has supported the new Merchant Discount Rate (MDR) framework established by the National Payments Corporation of India (NPCI) and praised it for creating a "stronger" and "sustainable" payments ecosystem. This decision comes after the firm's former CEO, Ashneer Grover, vehemently criticized the move, claiming that the cost would ultimately be passed on to consumers.

Nalin Negi, the current CEO of BharatPe, clarified that the new MDR framework ensures UPI remains free for consumers, while micro and small merchants under the P2PM (person-to-merchant) framework will continue to enjoy zero MDR. According to NPCI data, 96% of person-to-merchant (P2M) transactions will remain unaffected by the framework, which aims to expand merchant acceptance, infrastructure, and digital payment adoption, particularly in smaller towns and underserved markets.

BharatPe emphasized that Grover's views on the MDR charges are his personal opinions and not representative of the company's stance. The spokesperson stated that Grover has had no association with BharatPe since 2024 and is not a shareholder or affiliated with the company in any capacity. The firm urged media outlets not to attribute Grover's statements to the company, as its current leadership and authorized spokespersons represent its position on the MDR framework and the digital payments ecosystem.